– FRANCE, Paris – Coface (EPA: COFA), Compagnie Française d’Assurance pour le Commerce Extérieur, today announced that following the change in the shareholder structure and the arrival of Arch Capital Group (NASDAQ: ACGL) as a shareholder, Bernardo Sanchez Incera has been appointed Chairman of the Board of Directors.
Arch now holds 44.8m Coface shares, representing 29.5% of the company’s capital.
The Board then co-opted four directors presented by Arch as well as Bernardo Sanchez Incera, who was then appointed Chairman of the Board.
Bernardo Sanchez Incera, newly appointed Chairman said: “First of all, I would like to thank Coface’s Board of Directors for the trust they have placed in me. In this very unusual period, I have total confidence in the ability of all the Coface teams, under the leadership of Xavier Durand, to continue implementing the Build to Lead strategic plan. I am also pleased to welcome the representatives of Arch Capital Group.”
Marc Grandisson, CEO Arch Capital Group commented: “Our investment in Coface shows our confidence in the group’s strategy and its team. 2020 has demonstrated the strategic importance of credit insurance for inter-company trade. We are delighted to accompany Coface in its future development.”
As of today, Coface’s Board of Directors has therefore 10 members, 4 women and 6 men, the majority (6) of whom are independent directors.
Coface’s general management wants to thank Natixis and BPCE board members for their personal involvement and their contribution to Coface’s governance over the past years.
The Board of Directors reaffirmed its confidence in the management team and the relevance of the Build to Lead strategic plan.
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